News Summary: EU backs banking union, Greece aid


BANKS AND GREECE: The European Union nations agreed Thursday on the groundwork for a full-fledged banking union. Greece's euro partners also approved billions in bailout loans that will prevent the country from going bankrupt.

MINISTERS DEAL: Finance ministers from all 27 EU countries, including non-euro countries such as Britain and Poland, agreed to create a single supervisor for the region's banks. A meeting of the 17 finance ministers from the EU countries that use the euro agreed that Greece would get a total of €49.1 billion ($64 billion) between now and March.

HAGGLING ENDS: The measures end weeks of haggling over ways to deal with Europe's three-year financial crisis.

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